SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* FORD DIAMOND CORP (Last) (First) (Middle) 200 CRESCENT COURT SUITE 1350 (Street) DALLAS TX 75201 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol LIBERTE INVESTORS INC [ FAC ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director X 10% Owner Officer (give title below) Other (specify below)
	3. Date of Earliest Transaction (Month/Day/Year) 04/30/2004
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) X Form filed by One Reporting Person Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	04/30/2004		X(1)		4,881,487	A	$4	12,883,926	I	See Footnote.(1)(5)
Common Stock	04/30/2004		X(2)		563,728	A	$4	13,447,654	I	See Footnote.(1)(2)(5)
Common Stock	05/03/2004		S(3)		563,728	D	$4	12,883,926	I	See Footnote.(1)(3)(5)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Subscription Rights (right to buy)	$4	04/30/2004		X(1)			4,881,487	04/30/2004	04/30/2004	Common Stock	4,881,487	(4)	0	I	See Footnote.(1)(5)
Subscription Rights (right to buy)	$4	04/30/2004		J(2)		563,728		04/30/2004	04/30/2004	Common Stock	563,728	(4)	563,728	I	See Footnote.(1)(2)(5)
Subscription Rights (right to buy)	$4	04/30/2004		X(2)			563,728	04/30/2004	04/30/2004	Common Stock	563,728	(4)	0	I	See Footnote.(1)(3)(5)

Explanation of Responses:

1. On April 1, 2004, Liberte Investors Inc. ("Liberte") commenced a rights offering (the "Rights Offering") pursuant to which Liberte distributed pro rata to its stockholders subscription rights ("Rights") to purchase shares of common stock, par value $0.01 per share ("Common Stock"), of Liberte at a purchase price of $4.00 per share. Pursuant to the rules of the New York Stock Exchange, Hunter's Glen/Ford, Ltd., a Texas limited partnership ("HG/F"), was entitled to receive its pro rata share of the Rights upon approval of the stockholders of Liberte. On April 30, 2004, the stockholders of Liberte approved the distribution of Rights to HG/F (the "Stockholder Approval"), following which HG/F exercised its Rights to purchase 4,881,487 shares of Common Stock. Ford Diamond Corporation is a general partner of HG/F.

2. On December 15, 2003, HG/F entered into a certain Backstop Agreement (the "Backstop Agreement") with Liberte, pursuant to which HG/F agreed to purchase all Rights that were not exercised by stockholders of Liberte upon expiration of the Rights Offering. Upon expiration of the Rights Offering, an aggregate of 563,728 Rights (the "Backstop Rights") were unsubscribed for by stockholders of Liberte. On April 30, 2004, after the Stockholder Approval and pursuant to its obligations under the Backstop Agreement, HG/F acquired the Backstop Rights and exercised the Backstop Rights to acquire 563,728 shares of Common Stock (the "Backstop Shares") at a purchase price of $4.00 per share.

3. On May 3, 2004, Gerald J. Ford, a general partner of HG/F, acquired the Backstop Shares from HG/F at a purchase price of $4.00 per share.

4. Not applicable.

5. Ford Diamond Corporation expressly disclaims beneficial ownership of the securities reported herein, except to the extent of its pecuniary interest therein.

	/s/ Gerald J. Ford, President of Ford Diamond Corporation	05/04/2004
	** Signature of Reporting Person	Date
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